There’s been a bit of a boom in the number of online investment managers available over the past couple of years, driven by the demand for low-cost, DIY investment solutions.
Providing an alternative to both traditional financial advisers and “execution-only” investment brokers, these services, often referred to as “robo-advisors”, aim to offer online solutions, sometimes backed up with access to telephone help, to those looking for guidance with where to invest their money at a lower cost than the established players.
These digital wealth managers will normally steer users into suitable model portfolios which investors can monitor to their hearts content.
WealthDunk is a new website which aims to compare the pros and cons of each of these new services, providing a free and independent view on each of them.
By telling them how much you wish to invest, you’ll then be shown suitable managers and can compare their features, such as the levels of fees they charge, the types of service they offer and the investment approach they take. Once decided, you can then click through to your chosen investment manager to open your account (this is where WealthDunk makes its money, via referral fees from the online investment managers).
The site currently compares the following managers:
- Moneybox
- Moneyfarm
- Nutmeg
- True Potential Investor
- Wealthify
- WealthHorizon
This is a good start, and we’re hoping to see more investment manager added to make the site even more useful.
WealthDunk is also looking to expand the range of products compared in the coming months, with peer-to-peer lending and other fintech products in the pipeline.